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We're sellers for now | 03 May 2023

03 May 2023, GBP/USD

We're sellers for now

GBPUSD is currently undergoing a corrective phase (ABC corrective pattern). Upon examining the left side of the chart, we can see that from the start of the major impulsive wave "I" at 1.2582 to the end of the major impulsive wave "V" at 1.2434, the market has formed a descending channel, which is a bullish pattern. Additionally, this pair is currently forming an inverse head and shoulders pattern, with 1.2460 as the right shoulder, 1.2452 as the left shoulder, and 1.2434 as the head. This also indicates a bullish reversal pattern. Therefore, I anticipate this pair to rise to at least 1.2530.

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We're sellers for now

Bob Stan
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